In December of each year, Eleanor Young contributes 10% of her gross income to the United Way (a 50% organization). Eleanor, who is in the 24% marginal tax bracket, is considering the following alternatives for satisfying the contribution. (1) Cash donation (2) Unimproved land held for six years ($5,910 basis) (3) Blue Corporation stock held for eight months ($5,910 basis) Fair Market Value $39,400 $39,400 $39,400 $39,400 (4) Gold Corporation stock held for two years ($47,280 basis) Eleanor has asked you to help her decide which of the potential contributions listed above will be most advantageous tax-wise. Evaluate the four alternatives and complete a letter to Eleanor. Determine the amount of the charitable contribution for each option. Charitable Contribution 39,400 Cash donation Unimproved land held for six years ($5,910 basis) Blue Corporation stock held for eight months ($5,910 basis) Gold Corporation stock held for two years ($47,280 basis) 39,400 5,910 39,400